Personal Finance

I just submitted via Netfile and owe the CRA some Income Tax. Do I pay now - or wait for the NOA?

  • Last Updated:
  • Mar 15th, 2022 8:00 am
[OP]
Member
Nov 9, 2006
403 posts
73 upvotes

I just submitted via Netfile and owe the CRA some Income Tax. Do I pay now - or wait for the NOA?

Is there a deadline?

I'm just thinking that I could pay now, but if they edit my return, then I might have to pay again, so I think I'll just wait until April 30th or I get the NOA - whichever comes first.
8 replies
Deal Guru
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Dec 25, 2003
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No upside paying before April 30. That is the filing and payment deadline.
Deal Fanatic
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Mar 10, 2018
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does it matter?
1226 wrote: No upside paying before April 30. That is the filing and payment deadline.
agree 100%.
Tried new coffee and doughnut. Found same old stale thing. expected bill of six bucks but it was 600 million. Big mistake so the guy said don't worry it is on the house. going back to McD.
Deal Fanatic
Jan 21, 2018
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April 30 is the payment deadline. That's true even for certain types of returns that don't have to be filed until later - if you are found to have a balance owing on those later returns, you will be charged interest from April 30.
Deal Addict
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Sep 14, 2012
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Montreal, QC
ronatola wrote: Is there a deadline?

I'm just thinking that I could pay now, but if they edit my return, then I might have to pay again, so I think I'll just wait until April 30th or I get the NOA - whichever comes first.
As others have mentioned, there is no benefit to paying earlier than April 30.

In your case, I would wait for April 30 to make the payment (regardless of whether the Notice of Assessment arrives earlier)

However, it depends on the amount. If the amount that I owe is what I consider to be "insignificant", I would pay it before April 30. Everyone has their own value but if it is under $100, I would probably pay it before April 30 since at most we are talking about possibly getting $0.15 interest (at 2% annual interest for 30 days for $100). I feel the same about credit cards. Some people (such as my parents) wait until the last possible day to pay their credit card bills even when the statement balance is only $15. They then risk not paying on the due date and paying an interest rate of ~22% from the date that the charge occurred (and not by how many days their payment is late). I can understand waiting for the last possible day to pay amounts due when the amount is high but don't see any point beyond "it is better in my hands than in their hands" until the due date.
[OP]
Member
Nov 9, 2006
403 posts
73 upvotes
I got my NOA email the next day, with no adjustments. Had to login to CRA to view it.
Will pay it now to get it out of the way.
Deal Guru
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Oct 16, 2008
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ronatola wrote: I got my NOA email the next day, with no adjustments. Had to login to CRA to view it.
Will pay it now to get it out of the way.
May as well, you may be tight up or forget.
...
Deal Addict
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Sep 14, 2012
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ronatola wrote: I got my NOA email the next day, with no adjustments. Had to login to CRA to view it.
Will pay it now to get it out of the way.
As long as the value is "insignificant" like I mentioned earlier, I would do likewise.

For a larger amount, If it was $1k for example, for me, I would immediately schedule the one time payment online with my bank for April 27.
Deal Addict
Mar 3, 2009
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Ottawa, ON
I scheduled the CRA to withdraw the payment from my chequing account on the due date.

I just hate giving the government money before it's due :)

And just for reference, April 30 is a Saturday. That means this year the payment due date is May 2.

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